David Tepper
Appaloosa LP
2026Q1 brief
David Tepper's Appaloosa LP reshaped its $5.93B portfolio in Q1 2026 around a clear AI-infrastructure and mega-cap tech conviction. The most dramatic move was nearly tripling UBER (now 7.7% of the book, +242%) while doubling AMZN to a commanding 15.2% top weight—together these two positions account for nearly a quarter of the portfolio. VST (Vistra Energy, 5.1%) was also doubled, signaling continued appetite for power-demand plays tied to AI data centers. On the China side, Tepper trimmed BABA by a third (still 7.3%) and cut PDD nearly in half, while simultaneously adding fresh money to BIDU and initiating SNDK (3.0%)—suggesting selectivity rather than an outright China exit. The complete closure of airline names AAL and UAL (together ~3.9% last quarter) and the removal of housing/consumer names MHK and WHR mark a decisive rotation away from cyclical recovery trades. Watch the next filing for whether Tepper continues building the domestic AI-power theme around VST or broadens into other utilities, and whether the China overweight stabilizes or gets further pruned.
AI-generated. Not investment advice.
Holdings (31) · click any column to sort
| #↑ | Ticker | Issuer | % Port. | This Q | History | Value |
|---|---|---|---|---|---|---|
| 1 | AMZN | 15.2% | $900M | |||
| 2 | MU | 9.5% | $563M | |||
| 3 | GOOG | 8.4% | $497M | |||
| 4 | UBER | 7.7% | $456M | |||
| 5 | TSM | 7.6% | $449M | |||
| 6 | BABA | 7.3% | $435M | |||
| 7 | VST | 5.1% | $304M | |||
| 8 | EWY | 5.0% | $295M | |||
| 9 | NVDA | 4.3% | $257M | |||
| 10 | NRG | 4.3% | $253M | |||
| 11 | META | 4.2% | $250M | |||
| 12 | SNDK | 3.0% | $179M | |||
| 13 | GLW | 2.6% | $154M | |||
| 14 | WHR | 1.8% | $105M | |||
| 15 | PDD | 1.6% | $92M | |||
| 16 | LRCX | 1.4% | $82M | |||
| 17 | BIDU | 1.3% | $77M | |||
| 18 | LHX | 1.2% | $68M | |||
| 19 | RTX | 1.1% | $66M | |||
| 20 | ASML | 1.1% | $65M | |||
| 21 | QCOM | 1.1% | $64M | |||
| 22 | BALL | 0.8% | $49M | |||
| 23 | AMD | 0.8% | $45M | |||
| 24 | JD | 0.7% | $39M | |||
| 25 | LYFT | 0.6% | $36M | |||
| 26 | MSFT | 0.6% | $33M | |||
| 27 | KWEB | 0.5% | $31M | |||
| 28 | ET | 0.5% | $30M | |||
| 29 | MPLX | 0.5% | $29M | |||
| 30 | UNH | 0.4% | $24M | |||
| 31 | DB | 0.1% | $8M |
- 1AMZN15.2%$900MAmazon.com Incthis Q +98%·29q
- 2MU9.5%$563MMicron Technology Incthis Q hold·35q
- 3GOOG8.4%$497MAlphabet Inc-cl Cthis Q hold·40q
- 4UBER7.7%$456MUber Technologies Incthis Q +242%·20q
- 5TSM7.6%$449MTaiwan Semiconductor-sp Adrthis Q hold·12q
- 6BABA7.3%$435MAlibaba Group Holding-sp Adrthis Q -33%·32q
- 7VST5.1%$304MVistra Corpthis Q +114%·17q
- 8EWY5.0%$295MIshares Msci South Korea Etfthis Q +28%·7q
- 9NVDA4.3%$257MNvidia Corpthis Q hold·14q
- 10NRG4.3%$253MNrg Energy Incthis Q hold·14q
- 11META4.2%$250MMeta Platforms Inc-class Athis Q -27%·39q
- 12SNDK3.0%$179MSandisk Corpthis Q New·—1q
- 13GLW2.6%$154MCorning Incthis Q -28%·6q
- 14WHR1.8%$105MWhirlpool Corpthis Q -50%·11q
- 15PDD1.6%$92MPdd Holdings Incthis Q -49%·12q
- 16LRCX1.4%$82MLam Research Corpthis Q hold·6q
- 17BIDU1.3%$77MBaidu Inc - Spon Adrthis Q +20%·13q
- 18LHX1.2%$68ML3harris Technologies Incthis Q -33%·5q
- 19RTX1.1%$66MRtx Corpthis Q -32%·4q
- 20ASML1.1%$65MAsml Hldg NVthis Q -21%·12q
- 21QCOM1.1%$64MQualcomm Incthis Q -56%·20q
- 22BALL0.8%$49MBall Corpthis Q -30%·2q
- 23AMD0.8%$45MAdvanced Micro Devicesthis Q -32%·10q
- 24JD0.7%$39MJd.com Inc-adrthis Q -69%·11q
- 25LYFT0.6%$36MLyft Inc-athis Q -29%·9q
- 26MSFT0.6%$33MMicrosoft Corpthis Q -82%·25q
- 27KWEB0.5%$31MKranesh Csi China Internetthis Q -77%·10q
- 28ET0.5%$30MEnergy Transfer LPthis Q -28%·36q
- 29MPLX0.5%$29MMplx LPthis Q hold·22q
- 30UNH0.4%$24MUnitedhealth Group Incthis Q -55%·37q
- 31DB0.1%$8MDeutsche BK AGthis Q -92%·5q
All activity (2026Q1)
| Ticker | Issuer | Move | % Port. | Δ Shares | Value |
|---|---|---|---|---|---|
| AMZN | Amazon.com Inc | ADD | 15.2% | +98% | $900M |
| BABA | Alibaba Group Holding-sp Adr | TRIM | 7.3% | -33% | $435M |
| UBER | Uber Technologies Inc | ADD | 7.7% | +242% | $456M |
| META | Meta Platforms Inc-class A | TRIM | 4.2% | -27% | $250M |
| VST | Vistra Corp | ADD | 5.1% | +114% | $304M |
| EWY | Ishares Msci South Korea Etf | ADD | 5.0% | +28% | $295M |
| WHR | Whirlpool Corp | TRIM | 1.8% | -50% | $105M |
| MSFT | Microsoft Corp | TRIM | 0.6% | -82% | $33M |
| AAL | American Airlines Group Inc | EXIT | 3.2% | -100% | $0 |
| SNDK | Sandisk Corp | NEW | 3.0% | +100% | $179M |
| PDD | Pdd Holdings Inc | TRIM | 1.6% | -49% | $92M |
| QCOM | Qualcomm Inc | TRIM | 1.1% | -56% | $64M |
| GLW | Corning Inc | TRIM | 2.6% | -28% | $154M |
| KWEB | Kranesh Csi China Internet | TRIM | 0.5% | -77% | $31M |
| DB | Deutsche BK AG | TRIM | 0.1% | -92% | $8M |
| JD | Jd.com Inc-adr | TRIM | 0.7% | -69% | $39M |
| OC | Owens Corning | EXIT | 1.6% | -100% | $0 |
| RTX | Rtx Corp | TRIM | 1.1% | -32% | $66M |
| BIDU | Baidu Inc - Spon Adr | ADD | 1.3% | +20% | $77M |
| LHX | L3harris Technologies Inc | TRIM | 1.2% | -33% | $68M |
| ASML | Asml Hldg NV | TRIM | 1.1% | -21% | $65M |
| MHK | Mohawk Industries Inc | EXIT | 1.1% | -100% | $0 |
| LYFT | Lyft Inc-a | TRIM | 0.6% | -29% | $36M |
| AMD | Advanced Micro Devices | TRIM | 0.8% | -32% | $45M |
| UNH | Unitedhealth Group Inc | TRIM | 0.4% | -55% | $24M |
| BALL | Ball Corp | TRIM | 0.8% | -30% | $49M |
| IQV | Iqvia Holdings Inc | EXIT | 0.9% | -100% | $0 |
| UAL | United Airlines Holdings Inc | EXIT | 0.8% | -100% | $0 |
| FXI | Ishares China Large-cap Etf | EXIT | 0.6% | -100% | $0 |
| ET | Energy Transfer LP | TRIM | 0.5% | -28% | $30M |
| DAL | Delta Air Lines Inc | EXIT | 0.5% | -100% | $0 |
| GT | Goodyear Tire & Rubber CO | EXIT | 0.3% | -100% | $0 |
- ADDAMZN15.2%Amazon.com IncΔ +98%·$900M
- TRIMBABA7.3%Alibaba Group Holding-sp AdrΔ -33%·$435M
- ADDUBER7.7%Uber Technologies IncΔ +242%·$456M
- TRIMMETA4.2%Meta Platforms Inc-class AΔ -27%·$250M
- ADDVST5.1%Vistra CorpΔ +114%·$304M
- ADDEWY5.0%Ishares Msci South Korea EtfΔ +28%·$295M
- TRIMWHR1.8%Whirlpool CorpΔ -50%·$105M
- TRIMMSFT0.6%Microsoft CorpΔ -82%·$33M
- EXITAAL3.2%American Airlines Group IncΔ -100%·$0
- NEWSNDK3.0%Sandisk CorpΔ +100%·$179M
- TRIMPDD1.6%Pdd Holdings IncΔ -49%·$92M
- TRIMQCOM1.1%Qualcomm IncΔ -56%·$64M
- TRIMGLW2.6%Corning IncΔ -28%·$154M
- TRIMKWEB0.5%Kranesh Csi China InternetΔ -77%·$31M
- TRIMDB0.1%Deutsche BK AGΔ -92%·$8M
- TRIMJD0.7%Jd.com Inc-adrΔ -69%·$39M
- EXITOC1.6%Owens CorningΔ -100%·$0
- TRIMRTX1.1%Rtx CorpΔ -32%·$66M
- ADDBIDU1.3%Baidu Inc - Spon AdrΔ +20%·$77M
- TRIMLHX1.2%L3harris Technologies IncΔ -33%·$68M
- TRIMASML1.1%Asml Hldg NVΔ -21%·$65M
- EXITMHK1.1%Mohawk Industries IncΔ -100%·$0
- TRIMLYFT0.6%Lyft Inc-aΔ -29%·$36M
- TRIMAMD0.8%Advanced Micro DevicesΔ -32%·$45M
- TRIMUNH0.4%Unitedhealth Group IncΔ -55%·$24M
- TRIMBALL0.8%Ball CorpΔ -30%·$49M
- EXITIQV0.9%Iqvia Holdings IncΔ -100%·$0
- EXITUAL0.8%United Airlines Holdings IncΔ -100%·$0
- EXITFXI0.6%Ishares China Large-cap EtfΔ -100%·$0
- TRIMET0.5%Energy Transfer LPΔ -28%·$30M
- EXITDAL0.5%Delta Air Lines IncΔ -100%·$0
- EXITGT0.3%Goodyear Tire & Rubber COΔ -100%·$0
Long US equity 13F-HR filings only — no shorts, no derivatives. SEC filings at EDGAR (CIK 0001656456). Not investment advice.